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Won Rangebound, BoK Policy Report Due

KRW

Spot USD/KRW gave away its opening gains on Wednesday and closed 1.00 figure above the previous close. The rate has been happy to hold a fairly tight range this morning and last trades +0.65 fig. at KRW1,115.85.

  • A break above Jun 4 high of KRW1,119.05 would turn focus to May 26 high of KRW1,124.55, while bears look for a slide through Jun 7 low of KRW1,109.25, towards Jun 1 low of KRW1,105.05.
  • USD/KRW 1-month NDF last -1.32 fig. at KRW1,115.58. Bears keep an eye on Jun 7 low of KRW1,109.30, followed by Jun 1 low of KRW1,104.90. Bulls see Jun 4 high of KRW1,118.79 as their initial target.
  • Yonhap reported that South Korean Transport Ministry wanted to "to allow overseas group tours of fully vaccinated citizens to nations with stable virus response measures as early as next month".
  • The BoK are set to release a report on the execution of monetary and credit policies at noon today.
  • South Korea will release its terms of trade on Friday.
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